Q: Is there a penalty for early payoff of a loan?
A: No! Loans with the Credit Union are simple interest loans, meaning that interest is calculated daily on the unpaid balance. When you request to payoff your loan, the interest will be calculated from the date of the last payment to the date of payoff.
Q: When my loan is paid off will the payment still be deducted from my check and deposited into my savings account?
A: When your loan is paid off, the deduction will be discontinued. You will see the amount of your paycheck increase. If you would like to continue the same deduction please complete a payroll deduction form and submit it to your branch.
Q: Does my share balance include the amount that will be deposited on payday?
A: Deposits from your paycheck are credited to your share savings account(s) on the actual payday. The only exceptions would be if the payday is falling on a company holiday or on a weekend (for agents). In both of those cases, the deductions would be applied prior to the actual payday.
Q: If I sign up for E-statements can I see “real-time” balances?
A: E-statements will not provide you with “real-time” account balances. By enrolling in E-statements, you are asking to receive your statements electronically. You will not receive a paper statement if you enroll in E-statements.
Q: Can I have my withdrawal check mailed to a different address than the one on file?
A: Yes, members can request to have a check mailed to a different address than the one the Credit Union has on file as long as the request is in writing. Asking our members to put the request in writing provides protection to our members. The written request allows us to verify the authenticity of the signature compared to the membership card we have on file. |
